Dogecoin (DOGE) experienced a 10% price surge on Tuesday 25, thanks to the buzz surrounding Elon Musk’s rebranding of Twitter to “X.”
Musk’s tweet, where he linked the letter “X” to the famous dog meme, sparked excitement among crypto enthusiasts and investors alike.
Elon Musk took to his Twitter account to post a nine-second animated graphic of Twitter’s new “X” logo, seemingly endorsing the rebranding effort.
The animation was sourced from DogeDesigner, a prominent UX/UI & Graphic Designer at Dogecoin & MyDoge Inc. Adding to the enthusiasm, Musk also placed the Dogecoin symbol right next to the “X” logo in the location field of his Twitter bio.
The tweet, published at 12:32 pm on Tuesday, had an instant impact on DOGE’s price. Within just two hours, the cryptocurrency’s value surged from $0.077 to $0.083. At the writing time, DOGE is trading at $0.082, representing a notable 10% increase over the past 24 hours.
Elon Musk’s tweets and actions have historically had a substantial effect on Dogecoin’s price. Earlier in the year, Musk changed Twitter’s logo into a Shiba Inu, leading to a 25% pump in DOGE’s value.
Additionally, his promise of a $1 million DOGE donation for verifying rumors about his family owning an emerald mine caused a 6% price pump for the cryptocurrency.
Musk played a significant role in DOGE’s remarkable run to an all-time high of $0.70 in May 2021 through a series of bullish tweets about the cryptocurrency. However, DOGE’s value has since fallen by approximately 90%.
Following the rebranding to “X,” Elon Musk vowed to evolve the platform for “comprehensive communications and the ability to conduct your entire financial world.”
While no confirmation has been given about crypto’s role in this transformation, the connection with Dogecoin has sparked further speculation among investors.
